Since BCH became one of the four cryptocurrencies traded on EDX, its price has continued to rise. In the past 24 hours, the price of the cryptocurrency has increased by more than 30%, reaching $325 for the first time since April 2022.
Bitcoin Cash (BCH) is seeing a significant increase in price and trading volume for various reasons. One significant factor said to influence its price is that Citadel-backed Fidelity, Charles Schwab and EDX Markets offered BCH as part of the assets available for trading on their platform on June 20 at its launch.
EdX Markets made only four cryptocurrencies available for trading when the exchange launched. The cryptocurrencies are Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. According to Jamil Nazarali, CEO of EDX Markets, as reported CoinDeskThis was done because they are, by and large, believed to be safe cryptocurrencies, and are also in compliance with US Securities and Exchange Commission (SEC) regulations.
Lawrence Leutin, Director of Content at Tie stated:
Nazarali explained that they felt confident that Litecoin and Bitcoin Cash, as derivatives of Bitcoin, are not securities. Although there is some interest, it is not substantial.
Some also said that the price hike may be due to a recent hard fork upgrade that the cryptocurrency has undergone. However, since the hard fork was completed in mid-May, and the price hike didn’t start until June 20th, it couldn’t be the main reason. However, we cannot deny that the attention given to BCH can be increased as the fork has improved network security and privacy measures.
Since BCH became one of the four cryptocurrencies traded on EDX, its price has continued to rise. In the past 24 hours, the price of the cryptocurrency has increased by more than 30%, reaching $325 for the first time since April 2022. All in all, the price of Bitcoin Cash is up 150%, from $106 on June 20 to $325 today.
Bitcoin Cash trading volume soaring among South Korean Upbit users
Another factor driving the price higher is the increased trading volume in South Korea. The more people trading BCH, the greater the demand for it, which drives up the price.
There is a large volume of BCH trading in South Korea, as evidenced by the data Queen Gekko On BCH trading volume on Upbit, one of the popular stock exchanges in South Korea. Coingecko revealed that the Bitcoin Cash-Korean Won (BCH/KRW) pair on Upbit had a trading volume of $658.25 million in the last 24 hours. It is three times larger than the $166.93 million volume of the Bitcoin and Korean Won (BTC/KRW) pair on the exchange.
Considering all the points mentioned above, we can conclude that the significant rise in the BCH price is a result of various factors such as the introduction of the asset on the EDX exchange, which led to an increase in its trading volume, and the increase in demand for Bitcoin Cash among South Korean users of Upbit.
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Temitope is a writer with over four years of writing experience in various fields. He has a particular interest in the fintech and blockchain spaces and enjoys writing articles in those areas. He holds a Bachelor’s and Master’s degrees in Linguistics. When he’s not writing, he’s trading forex and playing video games.